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Extreme concentration of economic and political power.

— William F. Sharpe

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The central question for positive financial economics is valuation – what is the value today of a set of future prospective cash flows? The central question for normative financial economics is the appropriate use of financial instruments in a world in which values are set wholly or partially in accord with the principles of positive financial economics.

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Quote text and notes from Wikiquote: William F. Sharpe (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.